MACAU KEEPS PACE

We are keeping our 15-20% growth forecast for the full month of May following another solid week in Macau. Daily table revenue averaged HK$885 million the past 7 days, up 22% YoY. Month to date ADTR has climbed 18% YoY.

In terms of market share, MPEL, our favorite stock in the group, was the significant mover from last week with share growing to 14.1%, right in-line with recent trend. MGM and Wynn continue to track above trend, while SJM and LVS are below.

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